From early morning July 2, local gas retail price dropped 36,000-37,000 dong/12kg cylinder, following the sharp downward trend of gas price in the world market, according to the local newswire Thoi Bao Kinh Te Saigon (Saigon Economic Times).
Particularly, gas retail price at Saigon Petro, Vinagas and Gia Dinh Gas is less than 315,000 dong/12kg cylinder.
The new discount announcement of gas price has been released by gas wholesalers on July 1 after Saudi Arabia Oil Co (Aramco) announced contract price for July delivery, lower than a day against usual. Accordingly, the contract price for July delivery is now only $597.5 per tonne, down $125 per tonne compared to price of June delivery.
Thus, this is the fourth consecutive month gas price in the world market has fallen. This has helped local gas retail price also continuously be adjusted down, totalling at nearly 170,000 dong/12kg cylinder, from the record level of 480,000 dong/12 kilogram cylinder previously.